UBS Reiterates Neutral Rating on JFrog (FROG)

UBS analyst Radi Sultan reiterated a Neutral rating and $65.00 price target on JFrog (NASDAQ: FROG).

The analyst commented, "While we continue to hear solid check feedback on core usage, security upsell + the long-term potential AI tailwinds, tactically we remain more cautious given the current valuation (~10x/~35x CY27E revs/FCF) & positioning (sentiment still skewed positive) and reiterate our Neutral rating. On the 4Q25 print, we believe the setup is mixed. On the one hand 4Q25 revs growth could land better than expected (we're modeling a 2.8% beat to 22.6% y/y growth) as recent check feedback shows no signs of a demand slowdown and incremental usage from the Sep & Nov npm security incidents could be a key upside revs driver. The main risk in our view is the prelim 2026 revenue growth guide which could land at ~17% and may not be enough given the current valuation/setup. However, any short term weakness may be an opportunity to get more constructive as we like the long-term outlook as JFrog looks well positioned to benefit from multiple AI tailwinds, namely the rise of AI code gen tools and increased demand for Enterprise AI governance/compliance."

For an analyst ratings summary and ratings history on JFrog click here. For more ratings news on JFrog click here.

Shares of JFrog closed at $58.73 yesterday.

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